HYPE continues to defy the overall market crash, posting another substantial increase over the past 24 hours.
After charting a new nine-month low beneath $75,000, bitcoin’s price rebounded in the past 24 hours but failed at $79,000, and now sits inches below it.
Aside from HYPE and CC, both of which have posted notable gains within the same timeframe, most other larger-cap alts are quite sluggish.
It has been a tough week for the primary cryptocurrency, and there were little to no indications by last Wednesday about how grim the situation could get. On Wednesday, the asset tapped $90,000 but was stopped there and began its gradual descent after the US Fed paused the interest rate cuts.
The escalating tension in the Middle East was blamed for Thursday’s substantial crash when BTC slumped to a multi-month low of $81,000. It rebounded on Friday and early Saturday to $84,000, while the precious metal market crashed, but the situation worsened once again during the weekend.
In a rather untypical manner for a Saturday afternoon and evening, bitcoin crumbled from $83,000 to $76,000. It regained some traction on Sunday but crashed again on Monday morning to under $75,000 – the lowest level since April last year.
It bounced off in the following hours and challenged $79,000, where it was stopped and now sits below it. Its market cap is down to $1.560 trillion, while its dominance over the alts on CG is up to 57.7%.
Most larger-cap alts followed bitcoin on the way south over the past several days. Ethereum was hit very hard, dropping from over $3,000 toward $2,100. Despite rebounding since then, it still struggles below $2,300.
XRP, TRX, and XLM are slightly in the red, while SOL, BNB, ADA, and BCH have posted insignificant gains. HYPE has stolen the show once again, surging by 19% to $37. CC is the other big gainer with a 8% pump to over $0.19.
The total crypto market cap has regained $70 billion since yesterday’s low and is above $2.7 trillion on CG now.
